by Jim Magary | Jun 24, 2015 | Tax Help
“AFFORDABLE” Former IRS agents and managers who know the system can permanently resolve any IRS tax problem matter, since 1982, A plus rated.
Since 1982, we are a full service tax firm that specialize in IRS and state tax services. we have over 206 years of professional tax experience. All our work is done in-house.
We specialize in IRS tax problem help services .
We can remove an IRS tax levy garnishment within 24 hours of receiving your current financial statement, talk to you about the removal of a federal tax lien, represent you during an IRS tax audit, file any and all back tax returns and talk you about the settlement of your tax debt through the offer in compromise.
We are true affordable IRS & State tax experts.
I am a former IRS revenue officer and former instructor who taught IRS collection agents their jobs.
We are uniquely qualified to help you with any IRS problem or matter. From a simple IRS notice or letter to going to Tax Court we have a solution.
Our firm has over 206 years professional tax experience and over 60 years of working directly for the Internal Revenue Service.
IRS Tax Problems + Removal of IRS Tax Levies + IRS Tax Wage Garnishments
The Internal Revenue Service levies approximately 1.8 million taxpayers each and every year and this figure includes and bank & wage garnishments. If you have been levied you are not alone.
If you have not responded to an IRS final notice they systematically send out an IRS tax levy from their CADE2 computer system.
As a general rule IRS sends out a series of billing notices to the last known address. The IRS billing notices or five weeks apart.
Before IRS will release the levy many times they want all on file tax returns in their hand to make sure you are in full compliance.
The IRS files close to 700,000 federal tax liens each and every year that will both ruin and destroy your credit.
If you have received a final notice of intent to levy from the Internal Revenue Service make sure you follow-up on the 30 day date, if you don’t IRS will take enforcement action.
Before IRS will remove a tax levy or wage garnishment they will need a current and verifiable financial statement.
If the cases in the local office the revenue officer will require form 433a.
Once we have your current verified financial statement in hand, we can usually get your tax levy or garnishment released within 24 hours.
It is important that your financial statement is completely documented.
IRS usually closes a case by putting a case and tax hardship, having a taxpayer into a monthly installment agreement or telling them they may qualify for an offer in compromise your tax debt settlement.
40% of all people who owe IRS tax debt have their cases put into what is called a currently not collectible file and 6.5 million taxpayers have their cases put into current installment agreement or payments.
Please remember your current financial statement will determine the outcome of your case therefore it is critical to have a tax professional complete the financial information.
If you have back tax returns to file, you can have former IRS agents ensure that you are paying the lowest amount of tax allowed by law.
If you wish to settle your tax debt, we can have former IRS revenue officers who worked the offer in compromise program settle your tax debt if and only if you were a true candidate for a tax debt settlement called an offer in compromise.
Approximately 40% of all taxpayers who file an offer in compromise get accepted by the Internal Revenue Service however you must be a qualified candidate. The average settlement is $6500 per case but that is just the national average.
We are the fast, friendly, and affordable professional tax firm.
Affordable IRS Tax Problem Help Services + IRS Levy Garnishments, Tax Liens+ IRS Audits + Back Tax Returns + Offer Settle Tax + Roswell, Farmington, South Valley, Clovis, Hobbs
by Jim Magary | Jun 24, 2015 | Tax Help
Over 60 years with the IRS in the local, district and regional tax office of IRS. We know the System, let our knowledge work for you! ” The AFFORDABLE professional tax firm.”
We are A+ rated by the Better Business Bureau and have been in private practice since 1982. We have over 206 years of professional tax experience.
We know the system inside and out.
If you owe back taxes to the Internal Revenue Service and are looking for IRS tax debt relief on a federal, individual, business or payroll tax matter, call us today and hear the truth about your case.
We can resolve any IRS tax problem whether it be state of federal.
FST staffers has over 60 years of working directly for the Internal Revenue Service and understand the system inside and out. We are true IRS tax experts.
We have worked in the local, district, and regional tax offices of the IRS.
Our former IRS agents have worked as managers, supervisors, and teaching IRS instructors.
We are the affordable solution if you owe back IRS tax debt on individual, business or payroll taxes. We can handle anything from a simple notice or letter going to tax court.
In dealing with the IRS on back taxes it is important to know for any individual, business or payroll tax case that you be current in the tax year you are in.
That is, IRS will want you current in your withholding, estimate or current payroll tax deposits.
The Internal Revenue Service may refuse to work with all clients who cannot keep up with current payment requirements. This is a must
FST will lay out a complete working system for you to cooperate with Internal Revenue Service to ensure that you will get to deal you are looking for with the IRS, one that you can live with.
Current financial statement. 433F 433A
Your current financial statement will determine how the Internal Revenue Service will close your case. This is applicable for all individual, business and corporate clients.
If you are dealing with the ACS unit you will need to use financial statement number 433F if you are dealing in the local office you will need financial statement form 433 a, both can be found on our website.
That financial statement will need to be completely verified and documented to support the numbers on it. IRS will do a thorough review on your financial statements so you want to make sure your accurate and honest.
IRS will want to verify your financial statement via bank statements, copy of monthly expenses and a copy of pay stubs to verify income. after reviewing your financial statement we will give you a list of other documents the IRS may require.
When you call our office and know that all work is done in-house by a truly seasoned and professional tax staff.
We are the fast, friendly professional tax firm when it comes to dealing with those who all back IRS taxes and are seeking IRS tax debt relief, we can handle all federal and state tax cases.
Call us today for a free initial tax consultation.
We’ve been practicing since 1982 and are A+ rated by the Better Business Bureau.
Owe Back IRS Taxes, Debt Relief = Federal, Individual, Business, Payroll Taxes, Unfiled Tax Returns, Settle Taxes + Former IRS Affordable
by Jim Magary | Jun 23, 2015 | Tax Help
We can get your IRS tax levy,garnishment released within a 24-hour period of time and close your case at the same time.
We are the affordable professional tax firm that knows the system.
As former IRS agents and managers we know the system.
We have a combined 60 years of direct work experience in the local, district, and regional tax offices of the Internal Revenue Service and know exactly how to settle your case with the Internal Revenue Service.
If you are in receipt of an IRS tax levy, wage levy or bank levy garnishment contact us today and we can get your tax levy released in your case closed. Within 24 hours of receiving your fully documented financial statement we guarantee that you will have a release of your IRS bank levy or wage garnishment levy.
We will speak with you about settling your tax debt to the offer in compromise program.
I am a former IRS offer specialist.
As a revenue officer I both work this program was a teaching instructor for the tax debt settlement program.
I’m a true IRS tax expert for the offer in compromise.
The Internal Revenue Service accepted 38,000 offers in compromise last year for average of $6500 per settlement. Last year there were 78,000 offers in compromise filed. Please keep in mind this is a national average.
Taxpayers should be aware that there is a pre-qualifier tool for the offer in compromise program. I suggest everyone the walk through this particular tool given by Internal Revenue Service to find out for a qualified candidate
IRS Tax Levy, IRS Wage Garnishment Releases
Before IRS will release a tax levy, a wage garnishment or bank seizure, Internal Revenue Service will need a current documented financial statement.
If your case is in the automatic collection system you will be filling out and documenting form 433F which you can find directly on our website. It is the only form the Internal Revenue Service will use.
When calling our office we will complete the form, speak to the Internal Revenue Service and within 24 hours of having your fully documented financial statement we can get your IRS tax levy released.
If the cases are in the local IRS office form 433 a will be required and a much more detailed investigation will be made on your current financial statement.
If this is the case a revenue officer out of the local office will be looking at your case. The revenue officer will look at your case more in-depth than the ACS unit.
Being a former IRS agent teaching instructors gives us a huge advantage and the benefit of our experience is invaluable to our clients. We know the system inside and out.
The filling out of your financial statement is critical into the settlement of your case. using former IRS agents and managers will give you a tremendous advantage.
With that current financial statement you will need to provide IRS the last three months of your bank statements, copies of your pay stubs and your monthly expenses. IRS does a thorough review of your financial statement therefore you want to make sure you are both honest and accurate.
As a general rule IRS will not release your levy until all your tax returns are filed. We can prepare all your back tax returns with little or no records.
Internal Revenue Service usually closes your case off the enforcement two general ways: Based on your current financial statement, IRS will put you in a currently uncollectible file or put you in a payment agreement.
Over 40% of collection cases wind up in a current tax hardship and 6.5 million other taxpayers are put into monthly installment payment plans.
It is important you file all back tax returns if not the IRS can file for you under 6020 B of the Internal Revenue Code and they will make sure you get no deductions.
IRS will not give any non-filer any deductions or exemptions that they prepare under 6020B.
IRS may fail to release an IRS tax levy wage garnishment or bank levy because taxpayers have failed to file back tax returns.
After the review of your IRS financial statement we can let you know whether you are a possible debt settlement candidate for the offer in compromise program.
One last note of interest, it is very critical all taxpayers respond to all IRS notices because IRS intends to follow up on all the dates given on each and every notice sent.
Also be aware that IRS billing cycles are five weeks apart.
We’re the fast, friendly, and affordable professional tax firm that has been in private practice since 1982.
Remove IRS Tax Levy NOW = Bank Wage Garnishment, File Back Returns , Offer in Compromise = FORMER IRS
by Jim Magary | Jun 23, 2015 | Tax Help
Get the representation help you neat from tax attorneys, CPAs and former IRS agents.
We’ve have over 206 years of professional tax experience and over 60 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the IRS.
Call us today for a free initial tax consultation.
Report of Foreign Bank and Financial Accounts (FBAR)
If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Department of Treasury by electronically filing a Financial Crimes Enforcement Network (FinCEN) 114, Report of Foreign Bank and Financial Accounts (FBAR).
Current FBAR Guidance
FinCEN introduces new forms
On September 30, 2013, FinCEN posted a notice on their website announcing the current FBAR form, FinCEN Report 114, Report of Foreign Bank and Financial Accounts. FinCEN Report 114 supersedes the previous years’ form TD F 90-22.1 and is only available online through the BSA E-Filing System website.
The e-filing system allows the filer to enter the calendar year reported, including past years, on the online FinCEN Report 114. It also offers filers an option to “explain a late filing” or to select “Other” and enter up to 750-characters within a text box to provide a further explanation of the late filing or to indicate whether the filing is made in conjunction with an IRS compliance program.
On July 29, 2013, FinCEN posted a notice on their website introducing a new report to filers who submit FBARs jointly with spouses or who wish to have a third party preparer file their FBARs on their behalf.
The new FinCEN Report 114a, Record of Authorization to Electronically File FBARs, is not submitted when filing an FBAR but, instead, is kept in FBAR records maintained by the filer and the account owner, and must be made available to FinCEN or IRS upon request.
Filing deferral for certain individuals with signature authority only, effective through June 30, 2016
FinCEN Notice 2014-1 extended the due date for filing FBARs by certain individuals with signature authority over, but no financial interest in, foreign financial accounts of their employer or a closely related entity, to June 30, 2016.
Chronology Pertaining to This Filing Deferral
May 31, 2011 (rev. June 6, 2011)
FinCEN Notice 2011-1 provides filing extension to June 30, 2012 extension for:
• An employee or officer of an entity under 31 CFR § 1010.350(f)(2)(i)-(v) who has signature or other authority over and no financial interest in a foreign financial account of a controlled person of the entity; or
• An employee or officer of a controlled person of an entity under 31 CFR § 1010.350(f)(2)(i)-(v) who has signature or other authority over and no financial interest in a foreign financial account of the entity, the controlled person, or another controlled person of the entity.
For purposes of FinCEN Notice 2011-1, a controlled person is a United States or foreign entity more than 50 percent owned (directly or indirectly) by an entity under 31 CFR § 1010.350(f)(2)(i)-(v).
June 17, 2011
FinCEN Notice 2011-2 extended due date for filing to June 30, 2012, for certain officers of employees of investment advisors registered with the Securities and Exchange Commission who have signature authority over, but no financial interest in, foreign financial accounts of their employer.
February 14, 2012
FinCEN Notice 2012-1 extended the deadline to file to June 30, 2013, for those persons identified in Notice 2011-1 and Notice 2011-2.
December 26, 2012
FinCEN Notice 2012-2 further extended the due date for filing to June 30, 2014.
December 17, 2013
FinCEN Notice 2013-1 further extended the due date for filing to June 30, 2015.
November 24, 2014
FinCEN Notice 2014-1 further extended the due date for filing to June 30, 2016.
Who Must File an FBAR
United States persons are required to file an FBAR if:
1. the United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
2. the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.
United States person includes U.S. citizens; U.S. residents; entities, including but not limited to, corporations, partnerships, or limited liability companies, created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.
Exceptions to the Reporting Requirement
Exceptions to the FBAR reporting requirements can be found in the FBAR instructions. There are filing exceptions for the following United States persons or foreign financial accounts:
• Certain foreign financial accounts jointly owned by spouses
• United States persons included in a consolidated FBAR
• Correspondent/Nostro accounts
• Foreign financial accounts owned by a governmental entity
• Foreign financial accounts owned by an international financial institution
• Owners and beneficiaries of U.S. IRAs
• Participants in and beneficiaries of tax-qualified retirement plans
• Certain individuals with signature authority over, but no financial interest in, a foreign financial account
• Trust beneficiaries (but only if a U.S. person reports the account on an FBAR filed on behalf of the trust)
• Foreign financial accounts maintained on a United States military banking facility.
Review the FBAR instructions for more information on the reporting requirement and on the exceptions to the reporting requirement.
Reporting and Filing Information
A person who holds a foreign financial account may have a reporting obligation even when the account produces no taxable income.
The reporting obligation is met by answering questions on a tax return about foreign accounts (for example, the questions about foreign accounts on Form 1040 Schedule B) and by filing an FBAR.
The FBAR is a calendar year report and must be filed on or before June 30 of the year following the calendar year being reported. Effective July 1, 2013, the FBAR must be filed electronically through FinCEN’s BSA E-Filing System.
The FBAR is not filed with a federal tax return. When the IRS grants a filing extension for a taxpayer’s income tax return, it does not extend the time to file an FBAR.
There is no provision for requesting an extension of time to file an FBAR.
Those required to file an FBAR who fail to properly file a complete and correct FBAR may be subject to a civil penalty not to exceed $10,000 per violation for nonwillful violations that are not due to reasonable cause.
For willful violations, the penalty may be the greater of $100,000 or 50 percent of the balance in the account at the time of the violation, for each violation. For guidance on circumstances including natural disasters that prevent timely filing of an FBAR, see FIN-2013-G002 (June 24, 2013).
U.S. Taxpayers Holding Foreign Financial Assets May Also Need to File Form 8938
Taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets to the IRS on Form 8938, Statement of Specified Foreign Financial Assets, which is filed with an income tax return.
Those foreign financial assets could include foreign accounts reported on an FBAR. The Form 8938 filing requirement is in addition to the FBAR filing requirement.
A chart providing a comparison of Form 8938 and FBAR requirements may be accessed on the IRS Foreign Account Tax Compliance Act Web page.
Offshore Voluntary Disclosure Program
On January 9, 2012, the IRS reopened its Offshore Voluntary Disclosure Program following continued interest from taxpayers and tax practitioners after the closure of the 2011 and 2009 programs.
This program offers people with unreported taxable income from offshore financial accounts or other foreign assets an opportunity to fulfill their tax and information reporting obligations, including the FBAR.
Although the program does not have a closing date, the IRS may end the program at any time.
Streamlined Filing Compliance Procedures
On September 1, 2012, the IRS implemented new streamlined filing compliance procedures that were available only to non-resident U.S. taxpayers who failed to file required U.S. income tax returns.
Taxpayer submissions were subject to different degrees of review based on the amount of tax due and the taxpayer’s response to a risk questionnaire.
On June 18, 2014, the IRS announced the expansion of these procedures.
The expanded procedures are available to a wider population of U.S. taxpayers living outside the country and, for the first time, certain U.S. taxpayers residing in the United States; reference IR-2014-73.
For eligible U.S. taxpayers residing outside the United States, all penalties will be waived. For eligible U.S. taxpayers residing in the United States, the only penalty will be a miscellaneous offshore penalty equal to five percent of the foreign financial assets that gave rise to the tax compliance issue.
For more information, go to Streamlined Filing Compliance Procedures.
Delinquent FBAR Submission Procedures
Taxpayers who have not filed a required FBAR and are not under a civil examination or a criminal investigation by the IRS, and have not already been contacted by the IRS about a delinquent FBAR, should file any delinquent FBARs according to the FBAR instructions and include a statement explaining why the filing is late. All FBARs are required to be filed electronically through FinCEN’s BSA E-Filing System. Select a reason for filing late on the cover page of the electronic form or enter a customized explanation using the ‘Other’ option.
If unable to file electronically you may contact FinCEN’s Regulatory Helpline at 800-949-2732 or 703-905-3975 (if calling from outside the United States) to determine acceptable alternatives to electronic filing.
The IRS will not impose a penalty for the failure to file the delinquent FBARs if income from the foreign financial accounts reported on the delinquent FBARs is properly reported and taxes are paid on your U.S. tax return, and you have not previously been contacted regarding an income tax examination or a request for delinquent returns for the years for which the delinquent FBARs are submitted.
by Jim Magary | Jun 23, 2015 | Tax Help
We had over 60 years with the IRS in the local, district and regional tax office of IRS. We know the System, let our knowledge work for you! ” We are the AFFORDABLE professional tax firm.”
We are A+ rated by the Better Business Bureau and have been in private practice since 1982. We have over 206 years of professional tax experience.
We know the system inside and out.
If you owe back taxes to the Internal Revenue Service and are looking for IRS tax debt relief on a federal, individual, business or payroll tax matter, call us today and hear the truth about your case. We can resolve any IRS tax problem.
FST staffers has over 60 years of working directly for the Internal Revenue Service and understand the system inside and out. We are true IRS tax experts.
We have worked in the local, district, and regional tax offices of the IRS. Our staffers have worked as managers, supervisors, and teaching IRS instructors.
We are the affordable solution if you owe back IRS tax debt on individual, business or payroll taxes. We can handle anything from a simple notice or letter going to tax court.
In dealing with the IRS on back taxes it is important to know for any individual, business or payroll tax case that you be current in the tax year you are in.
That is, IRS will want you current in your withholding, estimate or current payroll tax deposits. The Internal Revenue Service may refuse to work with all clients who cannot keep up with current payment requirements. This is a must
FST will lay out a complete working system for you to cooperate with Internal Revenue Service to ensure that you will get to deal you are looking for with the IRS, one that you can live with.
Please be advised in any time you owe IRS back tax debt you will be required to fill out our current financial statement.
Your current financial statement will determine how the Internal Revenue Service will close your case. This is applicable for all individual, business and corporate clients.
If you are dealing with the ACS unit you will need to use financial statement number 433F if you are dealing in the local office you will need financial statement form 433 a, both can be found on our website.
That financial statement will need to be completely verified and documented to support the numbers on it. IRS will want to verify your financial statement via bank statements, copy of monthly expenses and a copy of pay stubs to verify income.
You must be very accurate and honest with your financial statement. Make sure your financial statement is completely documented.
When you call our office and know that all work is done in-house by a truly seasoned and professional tax staff.
We are the fast, friendly professional tax firm when it comes to dealing with those who all back IRS taxes and are seeking IRS tax debt relief, we can handle all federal and state tax cases.
Call us today for a free initial tax consultation.
Owe Back IRS Taxes, Debt Relief = Federal, Individual, Business, Payroll Taxes, Unfiled Tax Returns, Settle Taxes + Former IRS Affordable
